Vietnam gasoline, oil prices up for second time since year beginning

The prices of gasoline increased VND370-550 (1.5-2.2 U.S. cents) per liter and those of oil products rose VND200-490 (0.8-2 U.S. cents), starting 3 p.m. Thursday.

Under a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of RON 95-III gasoline went up VND550 to VND22,480 ($0.92) per liter, and that of E5 RON 92 was VND370 higher to VND21,410 ($0.87) per liter.

Kerosene and diesel prices increased VND200 and VND490 per liter to VND20,530 ($0.84) and VND20,190 ($0.82), respectively.

The price of mazut dropped VND310 per kilogram to VND15,500 ($0.63).

This is the second consecutive increase in domestic fuel prices since early January.

Compared to the end of last year, each liter of RON 95-III is VND340 (1.4 U.S. cents) more expensive after two ups and one down. Similarly, E5 RON 92 and diesel increased by VND230 (0.94 U.S. cents) and VND410 (1.7 U.S. cents), respectively.

In the latest price adjustments, the ministries continued to hold back on using the national gasoline price stabilization fund.

According to the ministries, the world fuel market climbed in the past week due to the impact of escalating tensions in the Middle East, China's lower-than-expected economic recovery, the Red Sea crisis, and the appreciation of the USD.

For example, the price of RON 95 was nearly $101.43 per barrel, up nearly 2.7%. The diesel price went up 2.4% to $100.84, but that of mazut dropped to $443.72 per ton, down 3%.